Renewable energy Sources are the focus of the transition to the clash against environment change and a sustainable energy future.In the past, renewable Sources were costly and required competitive pricing power familiar to fossil fuels. Nevertheless, the circumstances are quite different now.Fossil fuel Sources reports for the maximum of global energy consumption, but renewable are also not that far off. The contribution of global electricity from non-conventional rose to nearly 28% in 2020 from 18% in 2009.
Renewable energy Sources pursue Wright’s Law or learning curves – they become more economical slowly with a constant percentage for each replication of installed facility. So, the rising adoption of green energy has pushed down the price of electricity from new renewable power projects.
Onshore wind and Solar PV power plants have witnessed most notable price declination over the past decade. Moreover, the cost of electricity from gas-powered plants has decreased primarily as a result of crashing gas prices since 2018.On the other hand, the cost of electricity from coal has managed to remain approximately the same with around 1% increase. Furthermore, nuclear-powered electricity has become 33% costlier because of the lack of new reactors and rise in regulations.
Considering a speed at which the price of renewable energy is decreasing, soon the renewable will be the key Sources of electricity.Numerous countries have agreed on reaching net-zero carbon emissions by the year 2050, which in turn is likely to report for more than half of the global power generation by then.